Leo Varadkar is Deputy Prime Minister and Minister for Enterprise, Trade and Employment in the Government of Ireland
November 16, 2021
The pandemic has given us all the opportunity to reflect on the type of society and economy we want after Covid-19. The impact of the virus has been devastating. It has also caused us to question our usual ways of doing things and the future we want to create for the next generation.
For Ireland, the UK’s decision to leave the EU has also had a seismic impact on our economy and society. We have had to adapt accordingly, particularly our agrifood sector, which is recognised globally for its quality, but which has also traditionally had particularly strong trading ties with our nearest neighbour.
As we look to the future, the Gulf, in particular the UAE and the Saudi Arabia, is strategically very important for Ireland. We have already seen significant growth in exports to both countries over the past year, by 12 per cent and 6 per cent respectively. We want this to continue as we create stronger ties between our countries.
Given this objective, I am currently in the UAE as part of a major trade mission, the largest one we have taken this year, signalling the importance of the region for us and the potential we see for the future.
From left to right: John Concannon, director general Global Ireland, Patrick Hennessy, Irish Ambassador to the UAE, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and Minister in charge of Talent Attraction and Retention, Robert Troy, Ireland's Minister for Trade Promotion, Reem Al Hashimy, Minister of State for International Co-operation and director general of Expo 2020 Dubai, Kevin Sherry, executive director at Enterprise Ireland, and Aidan Cronin, Ambassador to the UAE. Photo: Ireland Expo
The 'Riverdance' cast led by Anna Mai Fitzpatrick and Jason O'Neil, foreground, before a performance at the opening of the Ireland Pavilion at Dubai Expo 2020. Khushnum Bhandari / The National
Robert Troy, Minister for Trade Promotion, at the opening evening of the Ireland Pavilion. Khushnum Bhandari / The National
Reem Al Hashimy, Minister of State for International Co-operation and director general of Expo 2020 Dubai, before a performance of 'Riverdance' at the Ireland Pavilion. Photo: Expo 2020 Dubai
'Riverdance' performance at the Ireland Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
Lead dancers Anna Mai Fitzpatrick and Jason O'Neil during the 'Riverdance' performance at the Ireland Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
The 'Riverdance' troupe at the opening evening of the Ireland Pavilion during the first week at Expo. Khushnum Bhandari / The National
Coinciding with my visit is another important event, the Dubai Airshow, the only global aviation and aerospace event held this year. Through our Irish Aviation House, which will have a bigger presence at the show than in previous years, we are convening several senior airline executives from the region and Africa to discuss how Ireland can support their recovery effort. The sector, one of the most disrupted by the pandemic, is focused on recovery and this event comes at a crucial time as it focuses on restoring confidence among passengers looking to return to the skies.
Ireland is a world leader in aerospace and aviation. Today, our country commands around 60 per cent of the global leasing market, with more than 50 aircraft leasing companies present on the island, including 14 of the world’s top 15 lessors. Every time you look up and see a plane overhead, there is a good chance it has been leased out of Ireland. Irish companies are creating specialist solutions for the industry in the Gulf region and indeed globally, helping drive growth, efficiency and revenue through innovation and ingenuity. In Saudi Arabia, the Irish company DAA International, which has operated Terminal Five of King Khalid International Airport since 2016, has recently been awarded a prestigious contract to operate the new Red Sea International Airport.
Indeed, as part of my trip to the region I also visited Saudi Arabia and saw for myself the pace of change that is under way. Irish companies in a range of sectors are looking to do business in the kingdom and contribute to the ambition of its Vision 2030 strategic framework. Many are already working with businesses based here, from food production and fintech, to health care and the equine sector. Ireland is known for the racehorses and sport horses we produce and I particularly enjoyed my visit to the Jockey Club in Riyadh, where a number of Irish companies joined me at an event held to explore ways for greater collaboration.
Ireland's cricket team were in the UAE last month playing in the T20 World Cup. AP
This collaboration comes in the form of Irish companies such as Equine MediRecord who are helping to provide the international integrity for the Grade 1 Saudi Cup on the elite worldwide circuit for horse racing. Equine MediRecord’s platform allows for the full veterinary history of the horse to be recorded securely, ensuring the best possible horse welfare as well as aiding crucial anti-doping procedures. Extensive anti-doping and animal welfare measures have been brought in for the Saudi Cup 2022, and Equine Medirecord’s system ensures entrants, trainers and vets have a system in place to comply with such measures, while simultaneously collecting the data digitally.
I hope this trade mission demonstrates Ireland’s intent to strengthen trade ties with countries in the Gulf region and highlights the opportunities that exist in doing so. Irish companies have the expertise, commitment and creativity to help bring the future ambitions of the Gulf states to life and I look forward to a future of closer collaboration between our countries.
Leo Varadkar is Deputy Prime Minister and Minister for Enterprise, Trade and Employment in the Government of Ireland
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
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Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Sunday, April 16
Squads:
UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.
“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”
In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.
“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”
Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.
“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”
rpennington@thenational.ae
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Investors: Flat6Labs, Accel, Y Combinator and angel investors
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow? a) More than $102 b) Exactly $102 c) Less than $102 d) Do not know e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account? a) More than today b) Exactly the same as today c) Less than today d) Do not know e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.” a) True b) False d) Do not know e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers:Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Date of Birth: April 25, 1993 Place of Birth: Dubai, UAE Marital Status: Single School: Al Sufouh in Jumeirah, Dubai University: Emirates Airline National Cadet Programme and Hamdan University Job Title: Pilot, First Officer Number of hours flying in a Boeing 777: 1,200 Number of flights: Approximately 300 Hobbies: Exercising Nicest destination: Milan, New Zealand, Seattle for shopping Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been Favourite place to visit: Dubai, there’s no place like home
